Mumbai: Tata Group’s retail arm Trent, headed by Noel Tata, on Thursday reported a 79 per cent jump in standalone net profit to Rs 199 crore for the December 2021 quarter. The company had posted a profit of Rs 111 crore in the corresponding quarter last fiscal.
Its revenue from standalone operations grew at a higher 85 per cent to Rs 1,441 crore, from Rs 779 crore a year ago.
On a consolidated basis, revenue clipped 87 per cent to Rs 1,613 crore year-on-year, and it earned Rs 140 crore in net income (applicable to equity shareholders), which is a growth of 87 per cent over the 12-month period.
Trent Chairman Noel N Tata attributed the strong numbers to the rising consumer sentiment on the back of the rising vaccination, further relaxation in pandemic-related curbs and the festive season.
Its fashion outlet Westside registered revenues of over Rs 1,000 crore for the quarter with a 9 per cent growth (like for like) and 49 per cent year-on-year. The growth was led by higher demand in emerging categories like beauty and personal care, inner-wear and home saw growing traction, he said.
Westside saw robust traction online with over five per cent of revenues coming from online channels during the quarter. On the back of a robust recovery in revenue, operating profitability also registered encouraging growth.
The quarter saw a strong business rebound on the back of the rapid recovery in customer off-take. “In many ways, the play-out in Q3 is indicative of the performance potential of our brands both in terms of growth as well as profitability,” he said.
He further said the company’s prospects remain robust, owing to an accelerated shift to branded products, the emergence of digital/seamless channels for customer engagement and a growing appetite for aspirational yet strong value propositions.
On the fashion front, he said Trent is on track to have over 425 stores by the end of next month and he credited this to their food brand Star, which has the tight footprint stores, sharp pricing and is focused on fresh and own brands.
The performance of Star stores operating under this model is encouraging and “we continue to evolve our property portfolio to align with this proposition”, Tata said.
He said the company is confident that their business has the right expertise to pursue market opportunities with an integrated backend and differentiated customer propositions. “We remain committed to building out differentiated brands and a strong expansion of our reach through stores and digital platforms.”